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Singapore - Overview and introduction

Singapore - Overview and introduction

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Singapore income tax is imposed on a territorial basis whereby the individual is generally taxed on all income accruing in or derived from Singapore. With effect from 1 January 2004, foreign-sourced income received in Singapore by resident individuals is exempt from tax unless the income is received through a partnership in Singapore.

The tax assessment year is the calendar year and the tax charged for each year of assessment is based on the income accrued/derived in the calendar year preceding the year of assessment.

The official currency of Singapore is the Singapore Dollar (SGD).

Herein, the host country refers to the country to which the employee is assigned. The home country refers to the country where the assigned lives when he/she is not on assignment.